A patent gives a firm the power to charge a price that:
A. Is below equilibrium
B. Is higher than marginal cost
C. Increases the consumer surplus
D. Results in overproduction of a product
B. Is higher than marginal cost
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When money serves as a store of value, it allows you to
A) transfer wealth into the future. B) eliminate a double coincidence of wants. C) be an effective negotiator. D) find good bargains.
The __________ level of government accounts for the largest share of health care spending.
A. regional B. state C. municipal D. federal
Visit the home page of the World Trade Organization
Questions:
- What is the primary function of this organization?
- What is the GATT? Discuss the economic rationale for agreements such as the GATT.
Which of the following is a shortcoming of GDP?
A. GDP measures used goods and services. B. GDP includes changes in inventories. C. GDP includes the value of net exports. D. GDP does not make an allowance for leisure time.